The IRA advantage
An IRA (Individual Retirement Account) lets you save money for retirement tax-free until you are ready to withdraw it. You can set a fair amount of money aside each year and watch it grow. All withdrawals are taxable.
We currently have traditional IRAs available, as well as an IRA certificate of deposit (CD), which lets you earn a higher rate in return for leaving your money untouched.
If you’re interested in a Roth IRA, get in touch with our retirement and investment consultant.
Why choose Arsenal?
When it comes to retirement, you want a financial institution that truly cares about your well-being. We are 100 percent not for profit and member owned – which means we’re invested in your financial success, not just our own.
IRAs are typically taxed when you make contributions in periodic deposits or when the money is withdrawn. This means that you will get to defer paying taxes on your IRA until later, which can be very beneficial for your savings goals. If you’re in a higher income tax bracket, using an IRA means that you won’t have to pay taxes during your eventual retirement.
The rules surrounding withdrawal can vary depending upon your age, with penalties applying for withdrawal before retirement age 59. However, some exceptions may let you have penalty-free withdrawals. For example, if you decide to purchase a house or receive disability benefits, your withdrawal will be penalty-free.
You can invest your money in just about anything you want, including savings accounts, stocks, and bonds. This is highly beneficial because it gives you several different options when it comes to growing your investments until retirement.
Save your money
Reduce the burden on your annual taxes by putting some of your money in an IRA.
Grow your money
Earn monthly interest on a traditional IRA and quarterly interest on an IRA CD.
Protect your money
IRA accounts at Arsenal are federally insured by the National Credit Union Administration (NCUA).
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